New Developments

EPCU 401(k) Compliance Questionnaire 

In mid-May, the IRS began sending out letters to 1,200 randomly selected Plan Sponsors as part of a compliance project being administered by the Employee Plans Compliance Unit (EPCU).  The letter includes instructions and a PIN for Plan Sponsors to complete a 46 page online Questionnaire containing 69 questions.  Plan Sponsors are given a 90 day deadline for responding. 

The purpose of this Questionnaire is to assist the EPCU in identifying areas of compliance regarding additional education, guidance and outreach.  The IRS has formally stated that this is not an investigation or an audit of the selected Plan.  However, failure to complete the Questionnaire can result in further enforcement action by the IRS.  Therefore, if you are selected and receive one of these letters from the IRS, it is important you respond timely.

Many of the subjects covered by the Questionnaire relate to Plan operations and are technical in nature.  Should you receive one of these letters, please contact your Great Lakes Pension Associates consultant immediately for assistance.  Given that a number of the questions will take some time to accumulate the information necessary to answer properly, it is critical that you promptly notify our office upon receipt of one of these letters.